Libor transition – a sterling success?

While sterling Libor is for most banks much smaller than US dollar Libor trade flow, it is still a huge book. So it has taken an equally huge, industry-wide effort for front office and back to grapple with its complex matrix of tasks – ensuring economic equivalence and seeking legal routes to transitioning legacy products, standardising reference rate treatment throughout the layers of a product, and drafting in the new floating rate terms from Isda’s 2021 definitions. Despite tigh